Once regular income and a down payment amount have been established, any lender will carry out a series of credit checks before granting a mortgage. "These checks are made to assess the suitability of the borrower," Yelovich explains. "Banks like to see a credit score of 640 or more, with scores of 740 and above in the best range."

Where credit scores pose a problem, the mortgage loan officer suggests getting straight to the root of the problem. "If there's a mistake on a report, it's imperative that it be rectified as quickly as possible," he points out.

"A credit report is a snapshot of an individual's recent credit history," Yelovich continues. "Sometimes called a FICO, credit scores are affected by any late payments made to, for example, credit card or utility companies."

The Fair and Accurate Credit Transactions Act, or FACTA, allows every consumer in the U.S. one free annual copy of their credit report from each of the country's three credit bureaus. These, currently, are TransUnion, Experian, and Equifax, Yelovich reveals.

Where bad credit exists, he advises contacting lenders or creditors to arrange more affordable payment terms, a repayment plan, or to make arrangements to consolidate multiple debts into one individual lower interest loan.

Call any creditor if there's likely to be a problem paying their bill on time.

Daniel Yelovich goes on to emphasize that where credit has been negatively affected by mistakes on an individual's report, their score could be improved in as little as two weeks. "However, even where credit has been badly neglected," he adds, "most individuals can achieve a mortgage-worthy score of 640 within twelve months by following the above guidelines."

"Do this," he adds, wrapping up, "and you'll be well on your way to a better credit score, a successful application for a mortgage you can afford, and a beautiful home to call your own."

Daniel Yelovich has been a licensed mortgage loan officer for over 20 years. He currently resides in Glen Ellyn, Illinois with his wife, Janet, and two children, Rebecca and Adam.